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This function automatically draws lines for non-closed gaps; - both gap down and gap up. It takes one parameter named "LookingBack" that indicates the numbers of bars to backward scan, e.g. 100 means that the function scans 100 bars backward from last bar. If the parameters is set to zero, all bars will be scanned for gaps. Note that this in some situations with many gaps can be a little time consuming
The function returns an array that indicates non-closed gaps. The return values are: +1 for non-closed gap up, 0 for no gap and -1 for non-closed gap down.
The return values can for example be used in combination with the standard GapUp and GapDown functions to draw text information's.
gapset=AutoDrawGapLines(0);
y2 = iff(GapUp() and (gapset == 1),1,0);
y3 = iff(GapDown() and (gapset == -1),1,0);
plotarrow(y2, "Gap Up", belowlow, colorblue);
plotarrow(y3, "Gap Down", abovehigh, colorred);
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.